Penalty for failure to maintain international transaction records may be imposed on transaction value by tax authorities. A new penal provision mandates maintenance of information and documents for international transactions under the transfer pricing documentation rules; failure to comply authorises the Assessing Officer or Commissioner (Appeals) to direct a penalty calculated as a percentage of the value of each international transaction entered into by the person.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Penalty for failure to maintain international transaction records may be imposed on transaction value by tax authorities.
A new penal provision mandates maintenance of information and documents for international transactions under the transfer pricing documentation rules; failure to comply authorises the Assessing Officer or Commissioner (Appeals) to direct a penalty calculated as a percentage of the value of each international transaction entered into by the person.
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